LPL to acquire Boenning & Scattergood
The Pennsylvania-based firm's 40 advisers, who manage $5 billion in assets, will become part of LPL's employee channel.
LPL Financial has entered into a definitive purchase agreement to acquire the retail business of Boenning & Scattergood, a broker-dealer and registered investment adviser headquartered in West Conshohocken, Pennsylvania.
The regional firm’s 40 financial advisers, who manage $5 billion in advisory and brokerage assets, will become part of LPL’s employee adviser model but will continue to work under the Boenning & Scattergood brand name.
“Our family business has a 108-year history of helping our clients build and secure their financial legacies, and LPL is the right partner for us to carry that legacy and our business forward,” Harold Scattergood Jr., chairman and CEO of Boenning & Scattergood, said in a release.
In June, InvestmentNews reported that LPL was interested in buying the firm.
The transaction is structured as an asset purchase, LPL said in the release, and is expected to close in early 2023.
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